United

Propel

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 <p>In a surprising twist of events, Coinbase (COIN) shares have surged to their highest point in 18 months, reaching $119.77 on Nov. 27. This sudden increase closely follows the legal troubles of Binance, a significant competitor, and its founder Changpeng Zhao (CZ), who pleaded guilty to money laundering and sanctions violations in the United States. This marks a pivotal moment for Coinbase, as the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency exchange giant witnesses a remarkable 256.5% year-to-date increase in its shares.</p>
 <h4 class="wp-block-heading" id="h-remarkable-performance-of-coinbase">Remarkable Performance of Coinbase</h4>
 <p>As of the closing date on Nov. 27, Coinbase’s share value has reached its peak since May 5, 2022, when it closed at $119.77. This surge positions Coinbase as a standout performer in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market, demonstrating resilience and growth amidst industry challenges.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="608" src="https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp" alt class="wp-image-120183" srcset="https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 1024w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 300w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 768w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 380w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 550w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 800w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 1160w, https://cdn.thebittimes.com/images/2023/11/28/8de9916503a19da9f0356dec82f4b60f.webp 1402w" sizes="(max-width: 1024px) 100vw, 1024px">
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 <p>Despite this impressive rebound, Coinbase shares remain 65% below their previous all-time high of nearly $343, recorded on Nov. 12, 2021. The recent surge indicates a positive trajectory, yet the exchange is still on the path to full recovery from the downturn following its prior peak.</p>
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 <h4 class="wp-block-heading" id="h-binance-s-legal-issues-drive-coinbase-s-surge">Binance’s Legal Issues Drive Coinbase’s Surge</h4>
 <p>The driving force behind Coinbase’s recent surge can be attributed to the legal woes faced by Binance and its founder, Changpeng Zhao. The rival exchange settled with U.S. regulators for an astounding $4.3 billion, involving Zhao stepping down as CEO and Binance agreeing to comply with Department of Justice (DOJ) and Treasury monitors for up to five years.</p>
 <p>The market perceives Coinbase as a more stable and compliant alternative in light of Binance’s legal challenges. This sentiment is evident in the notable increase in its shares, underscoring the crucial role of regulatory clarity in the cryptocurrency industry.</p>
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 <p><strong>Also Read: Coinbase CEO Hopeful Recent Scandals Mark End of “Bad Actor” Era</strong></p>
 <h4 class="wp-block-heading" id="h-perspective-from-coinbase-ceo">Perspective from Coinbase CEO</h4>
 <p>Brian Armstrong, CEO of Coinbase, recently shared his thoughts on the industry’s changing landscape following Binance’s settlement with U.S. regulators. Armstrong expressed relief, stating that the enforcement action against Binance allows the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry to “turn the page” on a chapter marked by scandals and regulatory challenges.</p>
 <p>In an interview with CNBC’s Joumanna Bercetche, Armstrong emphasized the importance of regulatory clarity in attracting substantial investment, particularly from institutional entities. Recognizing the contributions of various <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> companies in shaping the global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> economy, Armstrong highlighted the transformative potential of the financial system.</p>
 <p>The recent surge in Coinbase shares signifies the market’s positive response to the legal challenges faced by its competitor, Binance. As the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency industry adapts to evolving regulatory landscapes, the firm’s resilience and commitment to compliance position it as a dependable player in the market. The surge in share value, coupled with its pivotal role in pending ETFs, further solidifies Coinbase’s position in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency ecosystem, marking a turning point for the exchange and the industry as a whole.</p>
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 <p><strong>Also Read: Coinbase CEO: Binance News is ‘Catalyst’ for US Regulation</strong></p>
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<div class="cs-entry__tags">
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  <li>COINBASE</li>
  <li>crypto</li>
  <li>cryptocurrency</li>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-woes-propel-coinbase-to-highest-stock-value-in-18-months-tbt71844.html">https://thebittimes.com/binance-woes-propel-coinbase-to-highest-stock-value-in-18-months-tbt71844.html</a></p>

Binance Woes Propel Coinbase to Highest Stock Value in 18 Months

TheBitTimes

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